Common use of Organization and Qualification of Subsidiaries Clause in Contracts

Organization and Qualification of Subsidiaries. Each of the Subsidiaries of the Corporation is a corporation duly formed and organized and validly existing under the Laws of its jurisdiction of formation and has the requisite power and authority to own its properties and conduct its business as now owned and conducted. Each of the Subsidiaries of the Corporation is duly registered to do business and is in good standing in each jurisdiction in which the character of its properties, owned or leased, or the nature of its activities make such registration necessary.